Oriental Bank Q1 net at Rs 220 cr

Total Income of the bank rose to Rs 2,159.21 crore for the quarter, from Rs 1,680.34 crore in the quarter ended June 30, 2007, OBC said in a filing to the Bombay Stock Exchange.     

The working results of quarter ended June 30, 2008, are not comparable with the figures of corresponding quarter a year ago on account of provisioning made during the quarter and excess of liabilities over its assets, the bank said.     

Provision on non performing advances have been made as per prudential norms of Reserve Bank of India (RBI) whereas in the corresponding quarter such provisions were made on rates higher than RBI's provisioning norms, OBC said.     

Besides, the excess of liabilities over assets taken over of erstwhile Global Trust Bank on amalgamation have been fully written off by March 31, this year, the bank said, adding that there was no further write off required on this account.

In the corresponding quarter a year ago, Rs 61.24 crore were written off.     

Shares of the company were trading at Rs 160.60, up 6.85 per cent on the BSE in afternoon trade.